EFINA partners CBN on framework for advancing women’s financial inclusion

EFINA, the Enhancing Financial Innovation and Access organization, has recently disclosed a comprehensive framework for advancing financial inclusion for women in Nigeria. This initiative is a collaborative effort with the Central Bank of Nigeria and the National Financial Inclusion Special Intervention Working Group. The objective of this framework is to bridge the gender gap in financial access and ensure equal access to financial services between men and women in Nigeria. Ashley Immanuel, the CEO of EFINA, shared insights into the framework and its key objectives in an exclusive interview with CNBC Africa. Immanuel highlighted that EFINA, supported by UK aid and the Bill and Melinda Gates Foundation, conducted in-depth research in partnership with the Central Bank of Nigeria last year to delve into the core barriers hindering women's financial inclusion. Building upon this research, EFINA collaborated with the financial inclusion secretariat and the Special Interventions Working Group this year to develop a holistic women's financial inclusion framework. This framework is intended to guide regulators, financial service providers, and other industry stakeholders in overcoming obstacles and achieving the goal of financial inclusivity for women. The framework focuses on five strategic imperatives, including building agent networks and access points to reach women effectively, enhancing women's leadership in key institutions, developing gender-inclusive business models, and encouraging data collection to track gender-specific financial behaviors. Immanuel emphasized the importance of addressing the gender gap in fintech and ensuring gender inclusivity across all sectors. Additionally, EFINA has allocated $2 million towards a COVID-19 grant to mitigate the pandemic's impact in Nigeria. The grant is aimed at funding innovative financial service-enabled solutions that address key areas such as access to food, money, liquidity, and healthcare for low-income Nigerians. Immanuel stressed the importance of gender inclusivity in these solutions and scalability across the country to maximize impact. When questioned about the impact of the COVID-19 pandemic on Nigeria's financial inclusion drive, Immanuel acknowledged the challenges posed by the economic downturn. While precise figures on financial inclusion post-pandemic are pending, EFINA remains optimistic about leveraging digital financial services to accelerate inclusion efforts. Immanuel cited recent innovations in fintech and digital financial services as promising avenues for driving financial inclusion in the country. In conclusion, EFINA's framework and COVID-19 grant exemplify the organization's commitment to advancing women's financial inclusion in Nigeria and fostering financial resilience amidst challenging circumstances. By addressing key barriers, promoting gender inclusivity, and embracing innovative solutions, EFINA aims to pave the way for a more financially inclusive landscape in Nigeria.